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Bank on it! All you need to know about banking in the BVI

Banks are financial institutions that provide many services, including loans, checking and savings accounts and credit cards. There are seven legally operated banks in the British Virgin Islands. That means that they are licensed and regulated by the BVI Financial Services Commission. The Financial Services Commission ensures that all banks operating in and from within the BVI comply with international regulatory standards, established best business practices and relevant BVI laws.

Why Put Your Money in a Bank

There are many good reasons for putting your money in the bank, rather than keeping it under your mattress. If your money is in a bank it’s safe from theft and loss and can also gain interest. Putting your money in a bank allows you to establish a banking and credit history, which is important when you’re ready to apply for a loan for large purchases such as a car or a house. Having a bank account is also convenient, as banks have branches in Road Town, Tortola, and Virgin Gorda where you can deposit and withdraw your money.

Time Savers

Banks also offer time-savers like direct deposit, which allows your employer to deposit your paycheck straight into your account. Having a checking account allows you to pay bills with checks, rather than cash. By paying with checks, you’ll have a record of when and how much you paid. Most banks will provide you with an ATM or debit card, and/or a checking card with Visa or MasterCard, which means you don’t have to go to the bank to get cash. At the same time, you don’t have to worry about having cash on hand or walking around with lots of cash. Most supermarkets in the BVI accept bank debit cards, and many other businesses accept bank cards. Cards are also convenient when you travel as they allow you to withdraw money from any ATM, anywhere in the world and to pay for services or goods. You can also make purchases over the phone or on the internet using your credit card.

Online Banking

Some banks also offer on-line banking, which allows you to access and monitor your bank account via the internet. You can check to see how much money you have in your account and confirm if a deposit has been made or a check paid on your account. Some banks allow you to see electronic copies of the checks that have been paid on your account and to also view your monthly statements online. If you have more than one account with the same bank, you can link the accounts and transfer money between accounts. You can also set up automatic transfers or make payments.

Just as you have direct deposit, you can have direct withdrawals, where your bills can be paid automatically. Bills for your mortgage, car loan, insurance, or phone can be paid automatically from your accounts through electronic bill payment. Using electronic bill payment, you don’t have to remember to pay your bills. All you have to do is make sure you have enough money in your account to cover these bills. Using on-line banking can save you a lot of time and frustration.

Please note that the United States’ Federal Deposit Insurance Corporation (FDIC) insurance on money in U.S. banks does not extend to the British Virgin Islands, even if it is a U.S. bank.